Norman family's James Pascoe buys beat-up Warehouse stock

June 24 (BusinessDesk) - James Pascoe, the
retail group owned by David and Anne Norman, has taken
advantage of a slump in Warehouse Group shares to nudge its
holding up to 5.15 percent.

James Pascoe acquired 544,964
shares on market yesterday for about $1.65 million, implying
it paid $3.03 a share. Warehouse slipped 0.7 percent to
$3.01 on the NZX today and have shed almost a fifth of their
value this year. The purchase amounts to only about 0.2
percent of Warehouse's stock, meaning James Pascoe was
already close to the 5 percent threshold where a holding
must be disclosed to the NZX.

The couple ranked 18th equal on the NBR Rich
List last year, with a fortune estimated $500 million, the
same value put on the wealth of Briscoe Group managing
director and controlling shareholder Rod Duke.

According
to their substantial security holder notice, James Pascoe is
owned by David and Anne Norman and four family trusts.

The
stock was downgraded to 'hold' from 'buy' by brokerage
Craigs Investment Partners after the retailer last week cut
its full-year earnings forecast because of discounting of
seasonal wares.

Craigs analyst Chris Byrne cut his
forecast for the retailer's 2014 profit by 12 percent, the
2015 forecast by 6 percent and the 2016 estimate by 5
percent after Warehouse on Friday said its profit would
decline from the year earlier and be lower than previously
forecast as it cut profit margins at its 'red sheds' stores
to move stock. Apparel makes up about a quarter of 'red
shed' sales and normally generates higher margins, Byrne
said.

The Wellington-based BusinessDesk team led by former Bloomberg Asian top editor Jonathan Underhill and Qantas Award-winning journalist and commentator Pattrick Smellie provides a daily news feed for a serious business audience.

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